Stocks to Watch Today: Adani Ports, Marico, GAIL, Ashok Leyland, D-Mart, and Others
The Nifty 50 January futures contract on the Singapore Exchange hints at a positive start to domestic equities on Wednesday. The futures contract was trading at 18,164.50, up 53.5 points or 0.30% from the previous close.
Adani Ports and SEZ: The company handled 25.1 million tonne cargo in December, witnessing a growth of 8% YoY. For the 9 months ended December, the Adani Group firm saw 8% on year growth in cargo volumes to 253 million tonne.
Marico: FMCG major Marico on Wednesday said that the firm’s consolidated revenue will be in the low single digit in the December quarter on a year-on-year basis due to a muted recovery in rural demand amid elevated inflation. Marico noted that the FMCG sector witnessed some improvement in demand in the quarter which was more visible in specific categories due to festive fervour and the oncoming winter season. “Urban and premium categories maintained their steady pace of growth. However, recovery in rural demand was not as discernible as retail inflation stayed at elevated levels,” said Marico in its regulatory filing.
Reliance/GAIL: Major green hydrogen energy players are set to benefit after the government on Wednesday approved the National Green Hydrogen Mission with an allocation of Rs 19,744 crore, aimed at producing 5 million tonnes of green hydrogen annually by 2030. Out of the total allocation, the Centre would provide incentives worth Rs 17,490 crore for the production of both electrolyzers and green hydrogen for a period of five years. The government expects the mission to attract investments worth Rs 8 trillion by 2030 and create six lakh jobs.
Mahindra & Mahindra Fin. Services: The Reserve Bank of India (RBI) on Wednesday lifted restrictions related to Mahindra & Mahindra Financial Services (M&M Finance) on recovery operations via third-party collection agents. The lifting of restrictions followed submissions made by M&M Finance and its pledge to strengthen recovery practices and outsourcing arrangements while tightening the process of onboarding third-party agents and strengthening its accountability framework, the company said in a regulatory filing.
Ashok Leyland/JBM Auto: Commercial vehicles manufacturer Ashok Leyland-backed Switch Mobility, JBM Auto, and PMI Electro Mobility have likely emerged as winners in the state-owned Convergence Energy Services Ltd (CESL) tender to the tune of Rs 30 billion (approximately $362.40 million). Also, on Wednesday, CESL opened a new tender for 4,675 electric buses. These companies had participated in a tender released by CESL on September 21, 2022, for the supply of 465 e-buses for six states. This tender was part of India’s aim to deploy 50,000 e-buses over the next 4-5 years at an estimated cost of ₹1 trillion ($12 billion).
Avenue Supermarts: Avenue Supermarts Ltd, which owns and operates the retail chain D-Mart, has reported a 24.7 per cent rise in its standalone revenue from operations to Rs 11,304.58 crore for the third quarter ended on December 31, 2022. The company had revenue from operations of Rs 9,065.02 crore in the October-December quarter a year ago, Avenue Supermarts said in a regulatory filing on Tuesday. “Standalone Revenue from operations for the quarter ended December 31, 2022, stood at Rs 11,304.58 crore,” it said while sharing an update at the end of the quarter.
NTPC/HPCL: NTPC Green Energy Ltd (NGEL) has signed an agreement with Hindustan Petroleum Corporation Ltd (HPCL) for the development of renewable energy-based power projects. Under the agreement, NTPC said its renewable energy arm — NGEL — will also supply 400 MW round-the-clock to HPCL. “NGEL and HPCL signed a non-binding Memorandum of Understanding (MoU) on for development of renewable energy based power projects to tap business opportunities in RE (sector) and supply of 400 MW round the clock renewable power for requirements of HPCL,” NTPC said in a statement.
RBL Bank: RBL Bank has recorded double-digit growth year-on-year in both advances and deposits for the quarter ending December 31, 2022 (Q3FY23) period, as per the latest provisional data. RBL Bank’s retail loan book witnessed a rise of 12% YoY in the quarter under review, while wholesale book jumped 17% YoY. As per the regulatory filing, RBL Bank posted gross advances of Rs 68,371 crore in Q3FY23 — registering a growth of 14% from Rs 59,967 crore in the same quarter a year ago. Sequentially, gross advances climbed by 6% from ₹64,608 crore recorded in September 2022 quarter.
Coal India: Coal India Limited (CIL) and the four central trade unions BMS, HMS, AITUC and CITU, on Wednesday inked a Memorandum of Understanding (MoU) recommending 19% Minimum Guaranteed Benefit (MGB) to its 2.38 lakh non-executive employees as part of the ongoing National Coal Wage Agreement –XI (NCWA-XI). MGB of 19% is on the emoluments as of 30 June 2021 which include basic pay, variable dearness allowance, special dearness allowance and attendance bonus, the coal ministry said.
IRB Infrastructure Developers: IRB Infrastructure Developers on Wednesday said its board has approved the proposal for alteration in the equity capital by the split of existing shares with a face value of Rs 10 per share into 10 shares with a face value of Re 1 each. The company in a statement said it will now initiate shareholders’ approval and regulatory nods to bring the share split into effect for trading on stock exchanges.
Aurobindo Pharma: Aurobindo Pharma on Wednesday said its wholly-owned subsidiary — Eugia Pharma Specialities — received final approval from the US Food and Drug Administration (US FDA) to manufacture and market Azacitidine for injection 100 mg single-dose vial. Azacitidine is in a class of medications called demethylation agents. These agents work by helping the bone marrow to produce normal blood cells and by killing abnormal cells in the bone marrow.
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